Florida Legal Services: The Defend Trade Secrets Act of 2016
The signing of the Defend Trade Secret Act of 2016 could potentially be great news for companies and businesses seeking protection of their intellectual property. As a Florida business lawyer, I wish to point out that the Act provides companies with options on how to go about protecting their business assets.
Details on how to seek to reap the full benefits out of the Defend Trade Secrets Act (DTSA) include:
• The DTSA has provisions governing confidential information and provides a notice of immunity for whistleblowers.
Clearly, the reach of the Act goes far beyond employment agreements but encompasses other aspects of Florida contract law. It also applies greatly to documents like employment handbooks and policies, non-competes, restrictive covenants, non-disclosure agreements, contracts with vendors, agreements with contactors and consultants, and many more. The DTSA provides required disclosures in order to be able to recover certain damages and attorney’s fees in the event of an employee or contractor misusing or stealing your company’s trade secrets. It is therefore critical for companies and employers to seek counsel from the Florida business lawyer who can advise you of the required disclosures and can update all your documents in accordance with the provisions of the Defend Trade Secret Act of 2016.
• The DTSA allows companies and other businesses to use national consistency in creating good policies.
Trade secrets laws may vary slightly between Florida and other States. Because of this interstate variation, Federal Law is preferred in the settlement of intellectual property disputes under the Defend Trade Secrets Act; making it somewhat possible for employers to conform to nationwide standards of protecting propriety assets of their business by crafting more effective policies.
• The DTSA has expanded the remedies and legal options for businesses.
The Defend Trade Secret Act of 2016 allows companies and other businesses to seek civil remedies in a Federal Court over trade secret misappropriation and theft. The civil remedies include monetary damages and injunctive relief. Another important provision of the Act is the right of companies and businesses to seize their stolen intellectual property from the employee who stole such propriety information.
The signing of the Defend Trade Secrets Act has provided employers with a new way of combating a disaster in the offing. This comes against a backdrop of a rapidly evolving trade secrets’ theft in the U.S. The Florida business lawyers of Apfelbaum Law can help employers in companies and other businesses protect their intellectual property by revising their Employment Agreements, non-competes and nondisclosure agreements to include the provisions of the DTSA.
ABOUT THE AUTHOR: Nico Apfelbaum
Nico Apfelbaum, Esq. is the managing attorney of Apfelbaum Law, a Florida law firm serving Port St. Lucie, Stuart, the Treasure Coast and assisting clients with matters throughout Florida. Apfelbaum Law provides a wide variety of legal services, including, family law, divorces, business and contract transactions and litigation, immigration, wills and estate planning, probate law, and real estate law. The attorneys of Apfelbaum Law will answer your questions, explain your options, and provide you with the tools and resources you need to make an informed decision.
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Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.